Arweave (AR) Rallies By Over 60%; Levels To Watch For Price Continuation

• AR’s price shows much strength after breaking out from its long downtrend movement.  
• AR trade with good volume, breaking out from a downtrend as price eyes a rally to a region of $27. 
• AR’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.

Arweave (AR) price showed some great price action as the price rallied from its weekly low of $8 as the price fell from a high of $90 in recent months. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Arweave (AR) has enjoyed this relief bounce happening in the crypto space as the price of AR continues to show great price movement on all timeframes. (Data from Binance)

Arweave (AR) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked more promising for some altcoins, like AR rallying with over 60% in less than 24 hours, showing the price action and volume for buy orders.

After dropping from its high of $90 some months back, the price of AR has maintained a downtrend price movement with little to no hope of a bounce. The week shows more bounces across the crypto space, with AR taking advantage of the relief bounce.

The price of AR saw its trade at a low of $8 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $15 as the price looked bullish to rally some more.

Weekly resistance for the price of AR – $16.

Weekly support for the price of AR – $8.

Price Analysis Of AR On The Daily (1D) Chart

In the daily timeframe, the price of AR continues to be strong as bulls try to hold the price above its key support zone at $10, forming strong support to hold off the price from sellers.

AR currently trades at $15.15, just above its key support on the daily timeframe after successfully rallying and breaking out of its descending triangle with good volume. 

The price of AR continues to look strong, but the price needs to reclaim the region of 200 EMA, currently acting as strong resistance for the price to rally to a high of $27. If the price of AR breaks and closes above this region, we could see AR rallying a bit more.  

Daily resistance for the AR price – $16.

Daily support for the AR price – $10.

Featured Image From Invezz, Charts From Tradingview